The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.

The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.

NEW YORK—Christine Cumming, first vice president and chief operating officer of the Federal Reserve Bank of New York, today announced her intention to retire from the Bank in June 2015. Ms. Cumming is the second ranking officer in the Bank and a member of the Bank’s Management Committee, as well as an alternate voting member of the Federal Open Market Committee.

Throughout her 35-year career at the Bank, Ms. Cumming has made significant contributions to the Bank and the Federal Reserve System, and has held numerous leadership positions. As first vice president, Ms. Cumming led the Bank in the development of a comprehensive risk management program, implementation of the Fedwire modernization program, and establishment of an Office of Diversity and Inclusion. More broadly, Ms. Cumming played a strategic role in various Federal Reserve System initiatives, including co-leading the development of its current information technology governance model and playing an instrumental role in the development of a System operational risk program. In addition, Ms. Cumming served on the System’s Information Technology Oversight Committee and as the Chair of the Cross-Border Crisis Management Group, a body coordinating recovery and resolution planning for the Resolution Steering Group of the Financial Stability Board.

“Christine’s achievements have had a transformative and enduring impact on the Bank and the Federal Reserve more broadly,” said William C. Dudley, president and chief executive officer of the New York Fed. “We will miss her steadfast commitment and leadership.”

Prior to assuming the role of first vice president in 2004, Ms. Cumming served as executive vice president and director of Research with responsibility for the Research and Market Analysis Group, as senior vice president responsible for the Bank Analysis and Advisory and Technical Services Functions in Bank Supervision, as vice president in Domestic Bank Examinations of Bank Supervision, and as an economist responsible for various areas in Research.